SGX Nifty Trades Higher Despite Muted Global Cues, Dow & S&P 500 in Bear Market

By Malvika Gurung — The listed on the Singapore-based Exchange SGX, an early indicator for , traded 0.35% or 59 points lower at 8:35 am on Tuesday, after a series of sharp sell-offs despite muted global cues, indicating a positive opening on Dalal Street.

Further, the gained 0.55% and surged 0.6%.

Major indices on Wall Street extended their sell-off on Monday as investors continued to dump holdings on rising concerns that the Fed’s ultra-hawkish monetary tightening to tame the red-hot inflation could push the largest economy into recession.

Indices and have confirmed being in a bear market and on Monday, the latter closed below its mid-June closing low.

dropped 0.6%, Dow Jones tanked 1.11% and S&P 500 declined 1.03% on Monday. 

Stocks across Asian markets shrugged off the overnight cues from Wall Street and opened higher, later trading mixed on Tuesday on fears of an economic slowdown. China’s shrank 2.1% from Jan-Aug compared to the year-ago period due to recurring Covid-19 disruptions, a weakening yuan and lower production led by power shortages.

At 8:30 am, Japan’s Nikkei surged 0.83%, South Korea’s Kospi declined 0.36%, China’s rose 0.16%, Hong Kong’s tanked 0.8% and Australia’s ASX 200 climbed 0.2%.

Oil prices rose on Tuesday, with climbing 0.36% to $83.16/barrel and WTI Futures advancing 0.4% to $77/barrel at the time of writing. Futures jumped 1.85%.

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